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S&P downgrades Cognita
S&P said it lowered its long-term issuer credit rating on Cognita Bondco Parent Ltd. to B- from B.
The outlook is stable.
At the same time, the agency lowered the issue rating on the group's £435 million senior secured notes, including the proposed tap issuance of £60 million, to B- from B. The recovery rating remains at 4, reflecting an expectation of average recovery prospects (30-50%; rounded estimate: 30%) in the event of a default.
In addition, S&P lowered its issue rating on the group's super senior £100 million revolving credit facility to B+ from BB-. The recovery rating remains at 1, reflecting an expectation of very high recovery prospects (90-100%; rounded estimate: 95%).
The agency said the downgrade reflects a view that Cognita's financial policy is more aggressive than previously anticipated, leading to higher debt leverage and slower deleveraging.
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